We all want to achieve more in 2016. That’s certainly the case here at Springbox, but how do you ensure that you’re setting yourself up for success from the very beginning by creating realistic objectives, as well as measurable goals, whilst keeping tabs on performance?
That’s easy – you start a New Year’s Measure-lution! Are you with me, comrades? Then we’ll begin.
We begin our Measure-lution by Identifying realistic objectives. For example, World Domination in 2016 is a lofty ideal - but is it particularly achievable? Once we’ve established what’s realistic we can set goals to help us fulfil our ultimate aims.
We then reach the measurement stage of our plan – what are the Key Performance Indicators (KPIs) to track against the goals? Once those are locked down, it’s time to establish some targets to gauge performance over time. We also need to track and analyze that performance.
In the following worked example, we are running a new Marketing Campaign for Product X (well, Y not?) and we want to establish, measure and evaluate our website’s role in supporting this initiative (We’ll tackle World Domination some other time – stay tuned for that one).
Step 1. Setting Business Objectives
In this particular example, we need alignment across a couple of key areas:
The objectives of the website should be aligned with those of the campaign (which in turn should be aligned with those of the business), as well as any other teams we work with and/or need help from, such as sales and marketing (We talked about alignment in Syzygy Part 1 and Part 2 if you’d like to learn more).
It is important to choose objectives that are executable and can deliver value to the organization. Understanding the purpose of Campaign X – and in turn, how the website supports that purpose - is a vital starting point in identifying the desired outcomes.
In this instance, our top objectives are to engage the Visitors who are coming to our website, which will hopefully entice them to buy more products from us (more details in the next section):
Now that we’ve identified our objectives, we can start to think about how they shape our Goals…
Step 2. Setting Goals for your Objectives
Our Goals have to possess certain key characteristics:
These Goals are the specific tactics we employ to accomplish what we’ve started in Step 1. Taking our Goals in turn, engaging Visitors requires the website to have content that makes Visitors spend time on the site and also makes them want to come back.
By being aware of the campaign and engaging with the supporting content, Visitors should have a high propensity to convert and purchase the product:
Now that we have Goals, let’s start thinking about how to measure them…
Step 3. Creating Key Performance Indicators for your Goals
Key Performance Indicators (KPIs) need to be relevant to what we’re trying to achieve, as well as enable us to take action. They need to have the following key characteristics:
For example, how well is the website engaging Visitors? We can ascertain this by looking at the engagement metrics, such as the number of pages browsed during a visit and how much time is being spent on the site.
If Engagement is low, what content (e.g. product information) isn’t working? Does anyone view the Product X video, for example? If nobody views it, then most likely it won’t get shared on Social Media. And so on.
Step 4. Establishing Targets for KPIs
This is the part where we set numerical values that enable us to assess success/failure of our initiative. We need to consider:
We’ve already run Campaigns A through W, so we already have a fair amount of data to ascertain what worked and what didn’t in previous initiatives. Based on that information, we can start setting achievable targets.
Step 5. Analyzing Performance
Now we have our metrics locked down, it’s time to analyze what’s going on. Anything that we share with others must:
One way to do this is to put together dashboards that show the top-level detail.
Here’s what our Campaign X website dashboard looks like. As you can see, there’s a logical flow from setting objectives, how they manifest themselves in the form of goals, followed by the metrics that track those goals and their performance versus targets:
Over to you
Springbox recently became a Google Analytics Certified Partner – which funnily enough was one of our goals that we set ourselves at the end of 2014 – so if you’re pondering your measurement strategy for the coming year, feel free to drop us a line.
Did we also mention that Springbox is growing? Check out our roles and join the Measure-lution!